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How the Hershey Board Fought Off a Hostile Takeover
In this episode of Boardroom Conversations, Lucas and Luna examine how the Hershey Company's board of directors navigated a hostile takeover threat from Mondelez International in 2016. They break down the unique governance structure of the Hershey Trust Company, which controls 81% of voting power, and explain how the board balanced fiduciary duty with the company's century-old philanthropic mission. Lucas walks through the specific tactics the board used: the poison pill, the appeal to Pennsylvania's attorney general, and the strategic acquisition of Ripple Foods to demonstrate…
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